Warrant of commitment meaning

When a confiscation order is issued against a defendant who holds realisable assets, the duty rests on them to liquidate those assets within the period specified by the order; however, at this juncture it is also possible to appoint an enforcement receiver (see: Enforcement receivers in confiscation—checklist). The Proceeds of Crime Act 2002 (POCA 2002) does not prescribe a bespoke penalty for non-payment; rather, POCA 2002, s 35 treats any sum outstanding under a confiscation order as if it were a fine imposed by the Crown Court, which is then enforceable in the magistrates’ court. Broadly speaking, the recovery of fines is governed by the fine enforcement provisions in the Sentencing Act 2020 (SA 2020) and by Part III of the Magistrates’ Courts Act 1980 (MCA 1980). Pursuant to POCA 2002, s 35, the Crown Court may set a term of imprisonment to be served in default of payment, within the applicable maximum. In this way, the statutory framework ensures that an offender stands to gain nothing by refusing or...

This glossary sets out numerous expressions regularly encountered in the restructuring & insolvency sphere. Words shown in bold within definitions are themselves explained in other entries in this glossary as well. A Article X The MLIJ contains a single provision named Article X, aimed at jurisdictions that have already implemented the MLCBI, like England, or are weighing its adoption. Article X states: ‘Not withstanding any prior interpretation to the contrary, the relief available under [insert a cross-reference to the legislation of this State enacting Article 21 of the UNCITRAL Model Law on Cross-Border Insolvency] includes recognition and enforcement of a judgment’ (see Practice Note: UNCITRAL model law on recognition and enforcement of insolvency-related judgments (MLIJ): Article X). Asset-backed security (ABS) A form of security anchored by asset pools, for example loans, leases, and credit card receivables. Assimilated law From 1 January 2024, ‘retained law’ has been retitled ‘assimilated law’. The body of domestic law originally arising from EU obligations, created by the European...

Banking & Finance glossary A Auditing and Accounting Organisation for Islamic Financial Institutions (AAOIFI) The foremost Islamic, international, autonomous, independent, not-for-profit corporate body that develops and issues accounting, auditing, governance, ethics and Shari’ah benchmarks and standards for Islamic Financial Institutions (IFIs) and the wider Islamic finance sector. Founded in Bahrain in 1991, it is backed by a number of institutional members across more than 45 countries, including central banks and regulatory authorities, financial institutions, accounting and auditing practices, and legal firms. Its pronouncements are currently applied by leading Islamic financial institutions across the world and have advanced a progressive and gradual harmonisation of global Islamic finance practice. It also delivers professional qualification programmes—notably Certified Islamic Professional Accountant (CIPA), Certified Shari’ah Adviser and Auditor (CSAA), and the corporate compliance programme—in efforts to strengthen the industry’s human capital and governance frameworks. For further details, see Practice Note: Key participants in the Islamic finance industry—Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). Acceleration Acceleration is the formal action...